XRP Price Prediction: Ripple Bears Target Fresh Lows As Sentiment Dips

Aayush Jindal

2 years ago

2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Created by industry experts and meticulously reviewed

The highest standards in reporting and publishing

How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Ripple is struggling to recover above the $0.48 resistance against the US Dollar. XRP price could extend losses if there is a close below the $0.44 support.

Ripple started a fresh decline from the $0.500 zone against the US dollar.
The price is now trading below $0.488 and the 100 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $0.470 on the 4-hour chart of the XRP/USD pair (data source from Kraken).
The pair might decline further if it stays below the $0.488 and $0.500 resistance levels.

Ripple Price Faces Hurdles

After a minor upward move, Ripple’s XRP struggled to gain pace for a move above the $0.50 resistance against the US Dollar. A high is formed near $0.4868 and the price is moving lower, similar to Bitcoin and Ethereum.

There was a clear move below the $0.475 and $0.470 support levels. The price is now trading near the 50% Fib retracement level of the upward move from the $0.4332 swing low to the $0.4868 high. It is now trading below $0.488 and the 100 simple moving average (4 hours).

Initial resistance is near the $0.470 zone. There is also a key bearish trend line forming with resistance near $0.470 on the 4-hour chart of the XRP/USD pair.

Source: XRPUSD on TradingView.com

The first major resistance is near the $0.480 level or the 100 simple moving average (4 hours). The main resistance is near the $0.488 level. A successful break above the $0.480 and $0.488 resistance levels might send the price toward the $0.520 resistance. Any more gains might send the price toward the $0.535 resistance.

More Losses in XRP?

If ripple fails to clear the $0.480 resistance zone, it could continue to move down. Initial support on the downside is near the $0.454 zone or the 61.8% Fib retracement level of the upward move from the $0.4332 swing low to the $0.4868 high.

The next major support is near $0.440. If there is a downside break and a close below the $0.440 level, XRP’s price could extend losses. In the stated case, the price could test the $0.400 support zone.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.

Major Support Levels – $0.454, $0.440, and $0.400.

Major Resistance Levels – $0.480, $0.488, and $0.500.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.